Project Information

Bid Title

2027 Lease RFP Cart Barn and equipment

Issuing Agency

Town of North Kingstown

Location

Rhode Island

Published Date

Jan 14, 2026

Closing Date

Jan 28, 2026

Government Level

State & Local

Status

Closed

Original Source

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Bid Inquiries

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Bid Documents

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Project Description

Bid Title:	2027 Lease RFP Cart Barn and equipment
Category:	Purchasing
Status:	Open

Description: Please See Related Documents Publication Date/Time: 1/14/2026 10:00 AM Closing Date/Time: 1/28/2026 11:00 AM Related Documents: 2027 Lease RFP Cart Barn and equipment

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TOWN OF NORTH KINGSTOWN, RHODE ISLAND

REQUEST FOR PROPOSALS FOR

A DIRECT PURCHASE BY A FINANCIAL INSTITUTION OF A

TAX-EXEMPT LEASE

January 13 ,2026

The Town of North Kingstown, Rhode Island (the Town), is seeking proposals from non-qualified financial

institutions and banks to enter into a tax-exempt lease in the amount of $2,127,608.00 (the “Lease”). The

Lease will finance miscellaneous fixture listed below.

Please mail or Deliver the proposal with an Electronic copy (Thumb Drive) by 11:00 am EASTERN

TIME on Wednesday, January 28, 2026, to Town’s Purchasing Agent 100 Fairway Drive North Kings,

RI 02852. Please state the period for which your rate and fee quotes are firm and any closing conditions

that are assumed. The expected funding date is April 1, 2026. Please provide any additional information

that you regard as relevant to your proposal.

Following the review of the written proposals, the Town may engage in individual discussions and

negotiations with one or more institutions that submit proposals. The Town reserves the right to reject any

and all proposals. The award of this RFP is subject to town Council approval on February 9,2026.

The Town will use its best efforts to answer any questions and provide additional information requested in

connection with your response to this Request for Proposals. Please direct any questions or request for

additional information to:

Timothy McDavitt

North Kingstown Purchasing Agent

tmcdavitt@northkingstownri.gov

To assist you in the preparation of your proposal, we have included the following:

Town of North Kingstown’s audited financial statements for FY2023 and FY2024:

Town of North Kingstown’s adopted budget for FY2026

.

Finance/purchasing-NEW/Bids/forms/ pg. 1

LEASE TERM SHEET

Issuer:

Issue Description:

Par Amount:

Town of North Kingstown, Rhode Island (the Town)

Tax-Exempt Capital Lease (the “Lease”)

$

Proposal Due Date: Wednesday January 28,2026 11am

Expected Award

February 9, 2026

Expected Closing/

Funding Date:

April 1,2026

Term:

Fixed Rate no balloon

Amortization:

Principal Payment Date

Amount

Total

Lease Payments:

Annual principal and interest payments on each July 1, commencing July 1, 2026.

Interest Calculation: 60/360

Bank Qualification: The Town of North Kingstown will not designate the Lease as a “qualified tax-

exempt obligation” for purposes of Section 265(b)(3) of the Internal Revenue Code

of 1986, as amended.

Rating:

The Lease will not be rated.

Equipment/ Fixture:

Equipment

Amount

Preferred Terms

Prefabricated Golf Cart

$1,685,875.00

Fixed Rate 15 years

Utility Barn to be placed

no balloon

on a foundation

4 Police Utility Vehicles

$247513.00

Fixed rate 4 years

with Buildouts

Large Commercial

$103,675

Fixed rate 7 years

Woodchipper

Small standard dump

$90,545

Fixed rate 7 years

truck F550

Total

$2,127,608.00

Lease shall provide that equipment paid off prior to ultimate lease maturity will be conveyed to the Town for $1.00.

For instance, The Small Standard Dump Truck with be conveyed to the Town after 7 years.

Finance/purchasing-NEW/Bids/forms/ pg. 2

REQUEST FOR PROPOSALS INFORMATION:

If you are interested in a direct purchase of the Town’s proposed capital lease, please submit a

comprehensive proposal describing your qualifications, outlining all anticipated costs and detailing the

material terms and conditions of the principal legal documents. Outlined below are the items of information

that should be specifically included in your firm’s response.

1. Name of Bank/Financial Institution: __________________________

2. Maximum Commitment Amount (up to): $__________________________

3. Interest Rate: ___%

4. Principal and Interest Payments: Annual on each July 1, commencing July 1, 2026.

5. Lease payments: The Lease debt service payments will be subject to annual appropriation by the

Town Council.

6. Prepayment Provisions:

a. Please describe the terms and calculation methodology for any proposed pre-payment

penalties (if any). Please provide definitions of key terms, as necessary.

7. Other Conditions:

a. Please detail any other conditions that would be required of the Town. Please define any

terms necessary to understand these conditions.

8. Other Fees:

a. Proposers must also identify any costs associated with this bid and cap these costs. These

costs will be taken into account in determining the all-inclusive cost of borrowing.

i. Lessor’s Counsel

$_____________

ii. Other Expenses

$_____________

9. Reporting Requirements:

a. Please explain any reporting requirements that would be required of the Town.

10. Personnel:

a. Please provide the contact information (email, address, phone) of the individuals who will

be working with the Town.

11. Timing:

a. Please note the Bank’s timing to receive internal credit approval upon receipt of mandate.

12. Conflicts of Interest:

a. Please describe any conflicts of interest that could impact the contemplated transaction.

Credit Approval Prior To submission is preferred

13. Lease Purchase Agreement: The lease documents to be used in the transactions will be standard

tax-exempt lease documents provided by Lessor and Must be acceptable to the Town and its Bond

Finance/purchasing-NEW/Bids/forms/ pg. 3

Council. The final form is subject to negotiation prior to final acceptance. Bidders should present

their form of lease documents with their bid. If the winning bidder and Town cannot agree on a

form of lease, the Town may make the award to the next best qualified bidder.

The undersigned Proposer certifies that this proposal is firm for 45 days from the date of submittal

indicated below. Fees and Expenses are to be paid only if the transaction is closed.

By:

Title:

Date:

Signature:

_________________________

_________________________

_________________________

_________________________

Finance/purchasing-NEW/Bids/forms/ pg. 4

Commodity Codes

• NAICS 423450Medical, Dental, and Hospital Equipment and Supplies Merchant Wholesalers
• NAICS 531120Lessors of Nonresidential Buildings (except Miniwarehouses)

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